DMT Theatres
Durangoanian Multiplex Theatres Inc. formerly known as DMT-Budget Funding Company and Budget Entertainment Inc. is one of Durango’s largest entertainment companies and operates numerous businesses including movie theatres, food services, gaming, alternative programming, and the online sale of home entertainment content. DMT Theatres is also a joint partner in the Watch It! loyalty program with GN Bank. DMT Theatres operates 284 theatres with over 3,000 screens in all 14 Durangoanian provinces from the coast to the interior, serving approximately 71 million guests annually through the following theatre brands: DMT Theatres, Film Town, Budget Cinemas, DMT Classic, Showcase Cinemas, GN Theatres and DMT Exclusive. DMT Theatres also owns and operates its own brands for entertainment (such as MegaScreen and Techertainment). History 1912-1979 Early development Main articles: National Amusements (Durango) and DMT Theatres (original) DMT Theatres currently stakes a partial claim to the history of Hardy Theatres, founded in 1916, as its earliest predecessor. Julius Hardy, along with being the richest person in Durango, was the founder. In 1923, Hardy bought out rival Tinsel Theatres, acquiring many buildings in the process. In 1979, the first Durangoanian Multiplex Theatres location opened in the Covaleda Capitol Centre. Five year later, in 1984, Hardy Theatres was purchased by Viacom and renamed Viacom Theatres, which in turn was converted in Durango to National Amusements brands in 1999. 1999-2005 The present enterprise, known as Budget Entertainment Inc. was established in 1999 by Patty Watts, a former Chief Operating Officer of Durangoanian Multiplex Theatres, and Stanley Turner, a former Durangoanian Multiplex Theatres Chief Financial Officer. With investments from InvestCorp and National Amusements, the new company focused on smaller markets that were usually served by smaller theatres and old equipment, opening large, major chain-style locations under the Budget Cinemas banner. In October 2003, DMT Theatres consolidated its operations with Budget Cinemas, forming the DMT-Budget Funding Company. Watts became the chief executive of DMT-Budget, and Turner became the CFO. InvestCorp was the controlling shareholder of both DMT Theatres and Budget Cinemas at the time of the merger. 2005-present On June 13, 2005, the DMT-Budget Funding Company announced its acquisition of National Amusements' Durangoanian theatres for $500 million (about US$397 million). This deal was completed on July 22, 2005. To satisfy antitrust concerns, on August 22, 2005 the group announced the sale of 27 locations in Bautista and western Durango to Metropolitan Theatres. For nearly a decade, Metropolitan Theatres, DMT Theatres and Cinemark Theatres remained competitors. In 2012, Cinemark sold 5 of its theatres to DMT, in an effort to exit the Durangoanian market. The DMT-Budget Funding Company, the owners of the chain, on October 3, 2005, was dissolved entirely and it's assets spun off into a new company with National Amusements' ownership structure, which took on the DMT Theatres name and logo. DMT Theatres announced on March 31, 2006 that it had sold seven more theatres in El Viso and Lodosa to Mexico-based CineMex. On June 29, 2007, DMT Theatres announced its purchase of three Classic Theatres in southwestern Durango. Two theatres in Cornwall and one in Gloucester were acquired. With the retreat of CineMex from Durango, DMT Theatres acquired (or in this case, re-acquired) some of CineMexs theatres. The Ciudad De Cine La Chaveta and the others were reopened as DMT Theatres. In July 2012, DMT Theatres purchased five of Cinemark's Durangoanian theaters, including the Woodward-Whitehall 24, adjacent to the Covaleda Capitol Centre, the Centro in Isla De Mar, and the Tinseltown Movies 12 in the Gaslamp Quarter neighbourhood of Yauco Bay. The purchase of the Woodward-Whitehall 24 brought DMT Theatres full circle, as the very first DMT Theatres location was at the Covaleda Capitol Centre. In December 2012, DMT Theatres opened its first DMT Exclusive outside Bautista, and the first DMT Exclusive built from the start was in Gloucester, Stafford, in the neighborhood of Windermere. It was also the first DMT Exclusive to be 18+. DMT reopened a theater in Burrard, KN that had been renovated into a DMT Exclusive to host 19+, shortly after. On June 27, 2013, DMT Theatres announced the purchase of 24 Metropolitan Theatres locations. The theatres they acquired are in Southern Durango. The acquired locations were rebranded under the DMT Theatres name upon sale completion. The sale also included 2 IMAX screens in Gibraltar, LU and Alma, PV and 2 Metro+ screens in ST and LU. The acquired Metro+ screens were rebranded as MegaScreen. DMT Theatres received Competitior Acquisition Approval on October 10, 2013 to buy 24 Metropolitan Theatres in Southern Durango. Previously, the Metropolitan Thornton and Dover Theatres were to be sold to DMT, but were sold to Emagine Entertainment, based in Michigan, instead. The Metropolitan Theatres in Southern Durango closed on October 22, 2013 after the evening shows. The sale was completed on October 24, 2013. On October 24 & 25, 2013, the theatres reopened as DMT Theatres. In January 2015, DMT announced an entertainment restaurant chain known as Flick House, with locations initially planned in Cornwall, Gloucester, and Covaleda. Category:Companies Category:Bautista Category:1999 Category:DMT Theatres Category:Movie theaters Category:Cinemas Category:Covaleda Category:Movie theaters in Durango Category:Retail outlets in Durango Category:Durango